TSX Symbol: AGA
SAULT STE. MARIE, ON, June 11 /CNW/ - Algoma Steel Inc. today announced
that, at its Annual and Special Meeting of Shareholders held today (the
"Meeting"), shareholders approved an arrangement involving the acquisition by
a subsidiary of Essar Steel Holdings Limited ("Essar") of all of Algoma's
outstanding common shares for all cash consideration of $56 per share (the
"Arrangement"). The Arrangement was approved by 82.6% of the votes cast at the
Algoma, Essar and their advisors expect that the balance of the
preconditions to the closing of the Arrangement are likely to be satisfied
over the next several days including final Court approval of the Arrangement
scheduled for June 13, 2007. Depending on various factors, the closing of the
Arrangement is anticipated to occur in the week of June 18, 2007.
Algoma Steel Inc. is an integrated steel producer based in Sault Ste.
Marie, Ontario. Revenues are derived primarily from the manufacture and sale
of rolled steel products including hot and cold rolled sheet and plate.
For further information:
For further information: Company Contact: Brenda Stenta, Manager,
Corporate Communications, Phone: (705) 945-2209, Email: firstname.lastname@example.org